Determine the point estimate of the population mean and margin of error for the confidence interval. The lower bound is 17, upper bound is 25. What is the point estimate of the population mean?

Solution:

The diagram below shows the estimate of the population mean which is represented by the middle line. The assumption made in drawing the representation below Is that the upper bound and lower bound are equidistant from mean μ.

Thus the point estimate of the population mean is 21. The margin of error is ±4 or ±4/21 = 0.19

Also, the variance of the population mean is 8, and the standard deviation √8

Determine the point estimate of the population mean and margin of error for the confidence interval. The lower bound is 17, upper bound is 25. What is the point estimate of the population mean?

Summary:

The point estimate of the population mean is 21. The margin of error is ±4 or ±4/21 = 0.19.